Clester's retirement story

[clester]

You can now add me to the retired list. Last day was May 31. 50 years old and 26 years in Air Traffic. Got a partial check (I worked 1 week and 1 day of it) this week. No leave payout yet. I have 245 hrs annual, 1760 sick, and 24 credit hours to be paid to me. Soon I hope. First regular FERS check (estimated, about 80% of normal) should be July. ATC FERS will give me 40% of high 3 plus supplement which equals about 11% for a total of 51%.

Hopefully, I will be able to start 72t withdrawals from TSP in July using Amoritization method.

I will start my second career as a high school math teacher in the fall. Either student teaching (internship with no pay) or what is called an alternate license and have my own class with pay. Next year I will have a regular license.

I will let you know how it goes so others can know what to expect.

 

[nnuut]

You can now add me to the retired list. Last day was May 31. 50 years old and 26 years in Air Traffic. Got a partial check (I worked 1 week and 1 day of it) this week. No leave payout yet. I have 245 hrs annual, 1760 sick, and 24 credit hours to be paid to me. Soon I hope. First regular FERS check (estimated, about 80% of normal) should be July. ATC FERS will give me 40% of high 3 plus supplement which equals about 11% for a total of 51%.

Hopefully, I will be able to start 72t withdrawals from TSP in July using Amoritization method.

I will start my second career as a high school math teacher in the fall. Either student teaching (internship with no pay) or what is called an alternate license and have my own class with pay. Next year I will have a regular license.

I will let you know how it goes so others can know what to expect.

Congratulations Clester!!!
I received my payment for leave is less than a week, but I worked for DOD!
It's been 5 1/2 Months and I am still getting a partial check (80%) no kudos to OPM, what a group they are!:nuts:

 

[Scout333]

Congratulations Clester! Enjoy your retirement! At least through the summer. Keep us posted on the progress with the retirement chks, etc.

 

[XL-entLady]

Congratulations, Clester! I retired from Dept of Interior. It took me 7 weeks to get my lump sum annual leave. I got my first 80% annuity 6 weeks after I retired. And it took 10 1/2 months to get my normal retirement annuity.

Best of luck!

 

[clester]

Congratulations, Clester! I retired from Dept of Interior. It took me 7 weeks to get my lump sum annual leave. I got my first 80% annuity 6 weeks after I retired. And it took 10 1/2 months to get my normal retirement annuity.

Best of luck!

Thanks Lady,
My checks came through Dept of Interior. So, I may be on the same schedule for my payout.

Since it took 10 1/2 months to get your normal annuity and nnuut still hasn't got his after, what, 5 or 6 months? I guess I need to plan for that.

Thanks to both of you for the info.

 

[KevinD]

Congrats Clester! I'm jealous...

 

[Zebra]

WOW, OPM ..........who do they work for? You guys got me scared already, as I am retiring end of the year myself. Totally unexceptable it in today's time for such delays. With the technology of today, it should be as quick as pushing one button, called RETIREMENT, EH?????

Question: what is the average timeframe OPM to TSP notification of seperation? I understand TSP will not even process your withdrawal until OPM notifies they of your retirement status.

 

[nnuut]

I think we should FIRE them all!! This is ridiculous, 10 1/2 months to process a retirement!!! I'm going to start writing letters and sending emails just to bug them, what a SNAFU!!:nuts:

 

[XL-entLady]

WOW, OPM ..........who do they work for? You guys got me scared already, as I am retiring end of the year myself. Totally unexceptable it in today's time for such delays. With the technology of today, it should be as quick as pushing one button, called RETIREMENT, EH?????

Question: what is the average timeframe OPM to TSP notification of seperation? I understand TSP will not even process your withdrawal until OPM notifies they of your retirement status.

OPM was quick to notify TSP of my retirement. I think I got my first monthly withdrawal check in two months.

 

[alevin]

congrats, clester. Knew you were almost there, now you are! Livin' the dream-step by step by step. definitely helps to hear what lies ahead from those who've gotten there. Lets the rest of us know the non-TSP savings are as important as the rest, since might have to live on them while awaiting those first checks.

 

[Frixxxx]

Congrats Clester!

I hope it goes smooth as silk for you and your money!

 

[Texarkandy]

Congrats Clester

FYI - I retired as a FERS LEO on very short notice at the end of Sept 09 & got finalized in Mar 2010.

Around the middle of Nov when I still had not received an interim payment from OPM, I got on the phone with my (very efficient!) agency retirement rep who found out there was a hitch in that NFC had not forwarded my paperwork to OPM - she got something moving & I started getting payments.

TSP was much more efficient than OPM. I set myself up for life expectancy payments. (btw - have u ever decided what are you gonna do with that? Life Expectancy? Roll over to IRA & 72t? Annuity? Let it ride?)

Good luck with your new life/freedom. C'mon in -the water's fine!

 

[crws]

Congrats Clester!
Thanks for the info.

 

[Texarkandy]

(ooops, accidental double posted while trying to edit comments)

Congrats Clester

FYI - I retired at age 49 as a FERS LEO on very short notice at the end of Sept 09 & got finalized in Mar 2010. (approx 6 months)

I had approx 25.5 years + 4 years bought-back military for a total of approx 29 years = approx 43% FERS pension.
(It's really more than that when you consider no more 7.65% FICA deduction; 1.3% FERS contribution; & 16.5k per annum TSP contribution)

Around the middle of Nov when I still had not received an interim payment from OPM, I got on the phone with my (very efficient!) agency retirement rep who found out there was a hitch in that NFC had not forwarded my paperwork to OPM - she got something moving & I started getting payments.

My FERS Supplement was a couple hundred bucks less than my agency had estimated - so I sent OPM an e-mail requesting a written computation which I received approx 4 weeks later. The computation is quite complicated & confusing & it looks like they must know what they are doing, so I assume it is correct - but I really have no way of knowing for sure
(in all fairness, I had thought my agency's estimate of the Supplement was a tad high when I first saw it anyway)

TSP was much more efficient than OPM. I set myself up for life expectancy payments. (btw - have u ever decided what are you gonna do with that? Life Expectancy? Roll over to IRA & 72t? Annuity? Let it ride?)

In any case, Good luck with your new life/freedom. C'mon in -the water's fine!

 

[jdphx]

Way to go Clester!!!


I'm sure you are glad to get away from the F double....
Little over 4 yrs for me still. At least the raises are not
frozen anymore.

Please keep us posted, as I am FERS too, and will have
similar numbers as far as years and percentages.

Congrats!!

 

[Zebra]

Depressing to know Agencies and OPM take so long to finalize retirements; 10 1/2 months is unbelieveable. But I am thankful for this forum; I will be prepared to ride it out until they get their acts together. Nice to know TSP is more efficient.

With only 6 months to go (getting anixous btw) I have time to understand my income/finance situation after my separation from NASA. I am not doing the life expectancy thingy, I will take monthly payments instead.

Question for those who are collecting social seccurity: How efficent is SSA? Did you start getting your payments when you expected or not???

 

[clester]

Still waiting for my annual leave payout. This is the first pay day with no salary. My bank usually has it in my account by Friday. Someone said it takes up to 6 weeks and its been 4.

I just mailed in my TSP monthly payment form. I am using the amoritization method.

Supposedly, I should get an interim payment about July 1.

Love retirement so far. I took a class for my masters degree that ends today and will do my student teaching in Aug.

I think I could get used to not working at all though.

 

[clester]

Still waiting for my annual leave payout. This is the first pay day with no salary. My bank usually has it in my account by Friday. Someone said it takes up to 6 weeks and its been 4.

I just mailed in my TSP monthly payment form. I am using the amoritization method.

Supposedly, I should get an interim payment about July 1.

Love retirement so far. I took a class for my masters degree that ends today and will do my student teaching in Aug.

I think I could get used to not working at all though.

I called TSP to check if they had been notified of my retirement and they had. So I should start getting TSP payments in a couple of weeks. Hopefully my leave payout will come with the next pay period for FAA.

 

[clester]

Got notice today from my payroll office at DOI that retirement info had been certified and sent to OPM on June 24. Bet that means it will be a couple of weeks for OPM to get it in gear and send me a check. I should have one sent July 1 if they were on schedule.

 

[Zebra]

Thanks for the updates Clester, keep it coming. Did you ever get your annual leave check and how long did it take?

My fellow NASA retirees have been receiving their leave sell back checks approximately two weeks after their final regular check.

It is 1 July and December still seems a long ways off, but it really isn't. We have been working hard to get our home ready for the market, but we don't expect it to sell anytime soon, based on the economy and Obama's decision to kill the Consellation efforts of NASA. There will we be approx. 7000 NASA and contractors laid off around the first of the year!

Will apply for social security in three months........I can't believe I am talking about this, must be getting old! Muhahahaha!